Market Overview:
The global low sulfur fuel oil (LSFO) market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the LSFO market can be attributed to the increasing demand for low sulfur fuel oil from the shipping industry. Based on type, the LSFO market is segmented into 0.5% VLSFO and 0.1% ULSFO. The 0.5% VLSFO segment is projected to lead the LSFO market during the forecast period, owing to its high demand from cargo ships and container ships operating in coastal areas and emission control areas (ECAs), respectively. Based on application, the LSFO market is segmented into cargo ships, container ships, bulk carriers, and other applications such as cruise liners and ferries.
Product Definition:
Low Sulfur Fuel Oil(LSFO) is a fuel oil that has a sulfur content of less than 0.5%. LSFO is used in marine and power generation applications where sulfur emissions are regulated.
0.5% VLSFO:
0.5% VLSFO is a low sulfur fuel oil product, which contains less than 15 ppm of sulfur. It has been developed to replace diesel in applications where high-performance and low-cost fuels are required such as power generation, industrial processes and transportation. The product is manufactured by the catalytic hydration of olefins with vegetable oils or animal fats at temperatures below 100°C (ultra-low temperature).
0.1% ULSFO:
0.1% ULSFO is a fuel oil product with very low sulfur content, which can be used in marine and stationary power generation applications. It has the ability to reduce harmful emissions from coal-fired power plants and improve efficiency of gas turbine engines by up to 15%.
Application Insights:
The cargo ships, container ships and bulk carriers application segments accounted for a combined share of over 60% in 2017. The demand is expected to be driven by the growth in trade activities across the globe. Cargo ships are majorly used for transporting various cargoes such as raw materials, manufactured goods, agricultural products and other liquids including chemicals and petroleum products among others.
LSFO is widely used in the engine room of a ship to propel its propellers since it burns cleaner with reduced sulfur content as compared to other conventional fuels such as diesel or gasoline which contain high levels of sulfur compounds that can potentially harm the environment if not properly disposed off at sea. Growing demand from countries like India who are building large number of vessels for domestic shipping purposes coupled with growing awareness regarding environmental protection is likely to drive market growth over next few years.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth of this region is mainly attributed to rising demand for low sulfur fuel oil in China and India. In 2017, Asia Pacific accounted for a share of more than 60% in terms of consumption volume and it is projected to grow at a CAGR close to 4% from 2018 to 2030.
China has been making continuous efforts towards reducing air pollution caused by burning fossil fuels such as coal, which results into increasing demand for low sulfur fuel oil across the country. Moreover, government initiatives such as “13th Five Year Plan†aimed at sustainable development have focused on developing domestic energy resources including natural gas and shale oil which will further drive product demand over the coming years.
Growth Factors:
- Stringent environmental regulations for marine vessels and ports across the world are expected to drive the demand for LSFO in the coming years.
- The global LSFO market is projected to grow at a CAGR of more than 5% from 2017 to 2022, owing to increasing demand from Asia Pacific region.
- Rising consumption of fuel oil in power generation and petrochemical industries is also anticipated to boost the market growth over the forecast period.
- Availability of low-sulfur crude oil resources is another key factor that would propel LSFO demand in near future.
Scope Of The Report
Report Attributes
Report Details
Report Title
Low Sulfur Fuel Oil(LSFO) Market Research Report
By Type
0.5% VLSFO, 0.1% ULSFO
By Application
Cargo Ships, Container Ships, Bulk Carriers, Other
By Companies
Total, Shell, BP, Stena Oil, Petrobras, Sinopec Corp, Neste Marine, Singapore Refining Company, Lukoil, Rosneft, ExxonMobil, CNPC, JXTG Nippon Oil & Energy
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
212
Number of Tables & Figures
149
Customization Available
Yes, the report can be customized as per your need.
Global Low Sulfur Fuel Oil(LSFO) Market Report Segments:
The global Low Sulfur Fuel Oil(LSFO) market is segmented on the basis of:
Types
0.5% VLSFO, 0.1% ULSFO
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Cargo Ships, Container Ships, Bulk Carriers, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Total
- Shell
- BP
- Stena Oil
- Petrobras
- Sinopec Corp
- Neste Marine
- Singapore Refining Company
- Lukoil
- Rosneft
- ExxonMobil
- CNPC
- JXTG Nippon Oil & Energy
Highlights of The Low Sulfur Fuel Oil(LSFO) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- 0.5% VLSFO
- 0.1% ULSFO
- By Application:
- Cargo Ships
- Container Ships
- Bulk Carriers
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Low Sulfur Fuel Oil(LSFO) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Low sulfur fuel oil is a type of fuel oil that has been refined to have a lower sulfur content than traditional fuel oils. This makes it less corrosive and easier to ignite, which can lead to reduced emissions from vehicles.
Some of the key players operating in the low sulfur fuel oil(lsfo) market are Total, Shell, BP, Stena Oil, Petrobras, Sinopec Corp, Neste Marine, Singapore Refining Company, Lukoil, Rosneft, ExxonMobil, CNPC, JXTG Nippon Oil & Energy.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Low Sulfur Fuel Oil(LSFO) Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Low Sulfur Fuel Oil(LSFO) Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Low Sulfur Fuel Oil(LSFO) Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Low Sulfur Fuel Oil(LSFO) Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Low Sulfur Fuel Oil(LSFO) Market Size & Forecast, 2020-2028 4.5.1 Low Sulfur Fuel Oil(LSFO) Market Size and Y-o-Y Growth 4.5.2 Low Sulfur Fuel Oil(LSFO) Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 0.5% VLSFO
5.2.2 0.1% ULSFO
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Cargo Ships
6.2.2 Container Ships
6.2.3 Bulk Carriers
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Low Sulfur Fuel Oil(LSFO) Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Low Sulfur Fuel Oil(LSFO) Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 0.5% VLSFO
9.6.2 0.1% ULSFO
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Cargo Ships
9.10.2 Container Ships
9.10.3 Bulk Carriers
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 0.5% VLSFO
10.6.2 0.1% ULSFO
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Cargo Ships
10.10.2 Container Ships
10.10.3 Bulk Carriers
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 0.5% VLSFO
11.6.2 0.1% ULSFO
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Cargo Ships
11.10.2 Container Ships
11.10.3 Bulk Carriers
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 0.5% VLSFO
12.6.2 0.1% ULSFO
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Cargo Ships
12.10.2 Container Ships
12.10.3 Bulk Carriers
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 0.5% VLSFO
13.6.2 0.1% ULSFO
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Cargo Ships
13.10.2 Container Ships
13.10.3 Bulk Carriers
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Low Sulfur Fuel Oil(LSFO) Market: Competitive Dashboard
14.2 Global Low Sulfur Fuel Oil(LSFO) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Total
14.3.2 Shell
14.3.3 BP
14.3.4 Stena Oil
14.3.5 Petrobras
14.3.6 Sinopec Corp
14.3.7 Neste Marine
14.3.8 Singapore Refining Company
14.3.9 Lukoil
14.3.10 Rosneft
14.3.11 ExxonMobil
14.3.12 CNPC
14.3.13 JXTG Nippon Oil & Energy